National 5 Applications of Maths money questions: pay, deductions, best deals and interest

Money runs through the course: earning (pay, overtime, bonus, commission), deductions (income tax, National Insurance, pension), budgets, best deals, currency and the cost of saving and borrowing.

Earning	Basic pay, overtime, bonus, commission, gross and net pay
Deductions	Income tax, National Insurance and pension contributions
Spending	Budgets, best deals and currency conversion
Interest	Loans, savings, credit cards, store cards and credit agreements

Use the figures the question gives

Tax rates, allowances and interest rates change, so questions give the ones to use. Read them from the question or its table, apply them in order, and keep every amount to the penny.

Compare like with like

For a best deal, work each option out to the same thing, such as the cost per item or the total over a year, before you choose, and say which is better and by how much.

Try 2 questions

Question 1Paper 1 style · no calculator

Ailsa is paid 12 pounds an hour for a basic 35 hour week. Overtime is paid at time and a half. One week she works 39 hours. Calculate her gross pay for that week.

Question 2Paper 1 style · no calculator

Morag puts 2000 pounds in a savings account paying 5% compound interest per year. She makes no other payments in or out. How much is in the account after 2 years?

Next step

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Questions people ask

Do I need to learn the current tax rates?

No. Questions give the rates and allowances to use.